Anyways, don't let the name of a muni bond fund fool you. You might find yourself owning a lot of Puerto Rico debt instead of debt from your city/county/state. ===================================That's right - and I'd venture to say that most, if not all, of the single-state muni funds hold a lot of Puerto Rican bonds - the reason being that the fund's holidngs are TAX-EXEMPT for your state - not always FROM your state.

A lot of state-themed bond funds will also hold Virgin Islands, Guam, or D.C. bonds, for the same reason.